Spacecraft observations in the earth's magnetotail at distances of 30 to 40 RE have revealed the presence of broadband electrostatic waves. These waves are generally most intense in the regions just outside of the plasma sheet and are correlated with the observations of relatively cold and energetic ion beams traveling in either the earthward or the tailward direction. These waves are observed to propagate obliquely to the geomagnetic field with wave normal angles around 70¿. Because the broadband electrostatic noise is the most intense of the waves observed in the magnetotail, it is important to understand the generation mechanism of these waves. The purpose of this study is to provide for the first time a correct solution to the dispersion equation for ion beams observed in the magnetotail. By numerically solving this equation, it is shown that obliquely propagating waves have growth rates that can be an order of magnitude larger than those of parallel propagating waves, in agreement with observations. In addition, the effect of beam temperature on the ion beam instability is studied, and it is shown that this instability can be a viable generation mechanism only when the ion beam has a relatively small thermal spread.